Smart Contract Security
Reserve stablecoins must be based on secure, battle-tested smart contract platforms with smart contract audits by reputable firms.
Security Audit Frequency:
Require that smart contracts undergo a comprehensive security audit initially and after any significant update that alters the on-chain smart contract code that governs the logic of an individual reserve asset.
Establish a scoring system based on audit outcomes, with a focus on critical and high-severity issues and ensure that all audits are made publicly available.
Ensure the audit is completed by a reputable firm with a successful track record of keeping protocols safe and secure from bugs or exploits.
Bug Bounty Program Intensity:
Implement and quantify the scale of the bug bounty program (e.g., budget as a percentage of total assets managed by the protocol).
Measure community engagement in the program (e.g., number of active participants, bugs reported, and resolved).
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